Envestnet Asset Management Inc. Sells 4,075 Shares of Boot Barn Holdings, Inc. (NYSE:BOOT)

Envestnet Asset Management Inc. cut its position in Boot Barn Holdings, Inc. (NYSE:BOOT) by 4.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 82,186 shares of the company’s stock after selling 4,075 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.27% of Boot Barn worth $8,829,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Signaturefd LLC raised its stake in shares of Boot Barn by 201.8% during the 4th quarter. Signaturefd LLC now owns 166 shares of the company’s stock worth $25,000 after buying an additional 111 shares during the period. Opal Wealth Advisors LLC acquired a new position in shares of Boot Barn during the 1st quarter worth approximately $29,000. Golden State Wealth Management LLC raised its stake in Boot Barn by 263.6% in the 1st quarter. Golden State Wealth Management LLC now owns 280 shares of the company’s stock valued at $30,000 after purchasing an additional 203 shares during the last quarter. Versant Capital Management Inc raised its stake in Boot Barn by 210.8% in the 1st quarter. Versant Capital Management Inc now owns 317 shares of the company’s stock valued at $34,000 after purchasing an additional 215 shares during the last quarter. Finally, Huntington National Bank raised its stake in Boot Barn by 54.5% in the 4th quarter. Huntington National Bank now owns 794 shares of the company’s stock valued at $121,000 after purchasing an additional 280 shares during the last quarter.

Insider Activity

In other Boot Barn news, insider Michael A. Love sold 4,154 shares of the company’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $155.34, for a total transaction of $645,282.36. Following the completion of the sale, the insider directly owned 2,112 shares in the company, valued at $328,078.08. This represents a 66.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Laurie Marie Grijalva sold 2,438 shares of the firm’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $160.67, for a total value of $391,713.46. Following the completion of the sale, the insider directly owned 14,593 shares in the company, valued at approximately $2,344,657.31. This represents a 14.32% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on BOOT shares. Craig Hallum raised Boot Barn from a “hold” rating to a “buy” rating and set a $130.00 price objective for the company in a research note on Wednesday, April 23rd. Stephens began coverage on Boot Barn in a report on Wednesday, April 9th. They set an “overweight” rating and a $100.00 price target for the company. Bank of America increased their price target on Boot Barn from $160.00 to $173.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Piper Sandler raised their target price on Boot Barn from $162.00 to $184.00 and gave the company an “overweight” rating in a report on Thursday, May 15th. Finally, KeyCorp reduced their price target on Boot Barn from $190.00 to $165.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $173.67.

Boot Barn Trading Up 2.0%

BOOT opened at $173.96 on Tuesday. The stock has a market cap of $5.32 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 2.00 and a beta of 1.69. Boot Barn Holdings, Inc. has a 1 year low of $86.17 and a 1 year high of $177.10. The stock has a fifty day moving average price of $160.21 and a 200 day moving average price of $136.34.

Boot Barn (NYSE:BOOT) last posted its quarterly earnings data on Wednesday, May 14th. The company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.02). Boot Barn had a return on equity of 16.98% and a net margin of 9.47%. The business had revenue of $453.75 million during the quarter, compared to the consensus estimate of $458.56 million. During the same quarter in the previous year, the firm posted $0.96 earnings per share. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. As a group, sell-side analysts forecast that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current fiscal year.

Boot Barn declared that its board has initiated a share repurchase plan on Wednesday, May 14th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to buy up to 4.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

About Boot Barn

Boot Barn Holdings, Inc, a lifestyle retail chain, operates specialty retail stores in the United States. The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids. It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing.